(June 16) – “A Mr. Soros is again going to take an active role in the hedge-fund game. Only it is Robert Soros, not his father, George. In the wake of senior-level departures at Soros Fund Management and the recent decision by hedge-fund investor George Soros to scale back his investing empire, the senior Mr. Soros unveiled details of his new, conservative investment style,” The Wall Street Journal is reporting this morning.

“The changes, some of which were expected, feature the emergence of his son Robert, who will take a leading role in running his father’s still-sizable firm.”

“Robert Soros, 36 years old, who previously helped manage private-equity and real-estate investments for the firm, will be ‘acting as a coordinator’ in the transition, according to Mr. Soros, and will ‘be aware of all the pieces of where the money is being managed.'”

“Asked what his title will be at the firm following the transition, Robert Soros said, ‘I have no title,’ but his 69-year-old father quickly interjected: ‘He’s the power behind the throne.’ Still, the elder Mr. Soros, who about a decade ago turned over the role of actively managing money to key aides, indicated that his son will have to prove himself before he takes the reins of the firm. ‘This is not a dynastic succession,’ his father said in an interview.”

“Soros officials say Robert Soros’s expanded role signals that he may at some point run his father’s firm. But despite his pedigree, Robert’s new prominence caught some Soros officials by surprise.”

“Executives who have worked with him say Robert Soros is unassuming and hasn’t openly expressed a desire to become a hedge-fund heavyweight like his father. While his father often courted the press, Robert Soros has struggled to keep a low profile; indeed, at a meeting with media Thursday in London, he avoided cameras. He is more likely to spend evenings with his family than put in late-night research sessions, said one Soros executive.”

“The eldest of five children and the only one to join the family business, Robert Soros graduated New York University in 1986 with a degree in English Literature. After working at several other investment firms and banks, he joined his father’s firm in 1994 and has been helping to run its $3.5 billion in private-equity and real-estate investments. Among his coups: his group’s investment in Internet start-up WebTV before it was bought by Microsoft Corp.”

“While the senior Mr. Soros has become involved in the firm in recent months, serving as the architect of the new strategy, he will remove himself from the day-to-day business of his funds once the transition is completed.

“‘The less I have to do the better,’ he says. ‘I am working furiously because I am furious that I have to work.’ Mr. Soros said he will work on his charitable foundations and write a book. Although he says he is in good health, Mr. Soros is leery of getting back into the stock-picking game. ‘I want to set up something that will outlast me,’ he added.”